Accounting is necessary to manage and develop a business in an active and legal way. Through accounting, business owners can measure and analyze the company’s financial data and provide development and profit growth orientations in the field in which the company is operating.

Accounting allows business owners to understand the financial position of their company on the relationship between revenue and expenses.

Accountants are an important link in the development of a business. All businesses need accountants, so job opportunities for accountants are expanding.

However, for any profession, there is high competition, so you need to identify and visualize what the specific job of an accountant is, what are the requirements in that job position? What is the career path of an accountant so that each of us has a starting foundation, can work hard to learn and reach certain successes in our careers?

Importance of Accountants

One of the most prestigious and sought-after professions in the world is chartered accounting. Chartered Accountants serve as a company’s financial watchdogs and are critical to its continued success. Whether you wish to specialize in financing, taxation, corporate governance, risk management, or meet regulatory obligations on behalf of a firm, CAs will always be in demand.

The Chartered Accountant program, often known as the CA program, is a professional certification program that qualifies a person to practise as a chartered accountant. The Institute of Chartered Accountants of India is in charge of the program. It is a specialization/certification program in which students must pass their 10+2 examinations with an aggregate score of at least 60%.

Topics to cover

Accounting, Corporate Laws & Other Laws, Cost and Management Accounting, Taxation, Advanced Accounting, Auditing and Assurance, Enterprise Information Systems & Strategic Management, Financial Management and Economics for finance are the topics to cover for passing the CA test. With the help of CA Exam Series, it is easier to practice these topics.

The following are the basic tasks performed by an accountant in an enterprise in each period: at the beginning of the year, daily, monthly, quarterly and year-end reports.

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Work at the beginning of the year that accountants need to perform:

  • Declare and pay tax at the beginning of the year: For license tax, it is July 31 of each year. If the business is newly established, the declaration and license tax must be submitted within 1 month from the date of issuance of the business license. If the company has a change in capital, the deadline for submitting the license tax return is September 31 in the year of the change.
  • Collect and process all invoices and documents related to outputs and inputs of the business, if any purchase and sale activities arise, for tax declaration and month-end planning.
  • Check if the invoice is legal and appropriate or not? If there is a case of error or unreasonableness, it is necessary to immediately decide to handle it in accordance with the provisions of the Circular and relevant documents.
  • The CIT declaration is temporarily calculated for the fourth quarter of the year preceding the tax declaration year.
  • Report on the use of invoices in the fourth quarter of the preceding year.